GateHub hasn't filed annual accounts. A warning sign?

[nonce]

https://beta.companieshouse.gov.uk/company/09311138

https://beta.companieshouse.gov.uk/company/09311138/filing-history

Accounts overdue

First accounts made up to 30 November 2015 
due by 14 August 2016

 

Are they trying to hide something from the public (insolvency, non existing equity capital, etc.)?

[nik]

https://beta.companieshouse.gov.uk/company/09311138

https://beta.companieshouse.gov.uk/company/09311138/filing-history

Accounts overdue

First accounts made up to 30 November 2015 
due by 14 August 2016

 

Are they trying to hide something from the public (insolvency, non existing equity capital, etc.)?

Hardly. This would imply either incompetence and/or fraud. I don't suspect them of either.

I do suspect them of a certain laziness in submiting financial accounts , but this is common to the majority of eastern europeans, regardless where the company is registered.

[T8493]

15 minutes ago, nik said:

Hardly. This would imply either incompetence and/or fraud. I don't suspect them of either.

I do suspect them of a certain laziness in submiting financial accounts , but this is common to the majority of eastern europeans, regardless where the company is registered.

GateHub is run by Slovenians, not Eastern Europeans.

There are penalties for late filings. Why would they risk the penalty? They had more than enough time for filing annual accounts (almost one year if my understanding is correct).

Usually the companies prepare their accounts one or two months after the end of the financial (or maybe tax) year. And then they wait for audit, but the audit is usually finished in one to three months (if company is not too big). However, GateHub probably doesn't need to file auditor's report.

 

 

 

 

 

Edited August 21, 2016 by T8493

[Rchopra]

I dont know why but i dnt like it. Do u guys know what happens to our xrps or balance in gatehub if it goes bankrupt and if removing trust of gatehub helps..?

[D-fault123]

4 minutes ago, Rchopra said:

I dont know why but i dnt like it. Do u guys know what happens to our xrps or balance in gatehub if it goes bankrupt and if removing trust of gatehub helps..?

In this highly unlikely situation AFAIK you'd just need to have your wallet's secret key safe and you're good.

[T8493]

8 minutes ago, D-fault123 said:

In this highly unlikely situation AFAIK you'd just need to have your wallet's secret key safe and you're good.

Probably not if you use hosted wallet or if GateHub decides to decrypt secret keys (which is unlikely BTW).

 

Edited August 21, 2016 by T8493

[tulo]

2 hours ago, D-fault123 said:

In this highly unlikely situation AFAIK you'd just need to have your wallet's secret key safe and you're good.

Well, Gatehub IOUs may be at risk in case of bankrun.

But I don't think they are anywhere close to it. They were working on new products...

[tomb]

Bitstamp overdue as well.  George Frost?
https://www.nexok.co.uk/company/08157033/bitstamp-limited

Edited August 21, 2016 by tomb

[T8493]

1 hour ago, tulo said:

But I don't think they are anywhere close to it. They were working on new products...

MtGox and Bitfinex were both working on new products  

Is Chikun already on Gox?

 

Edited August 21, 2016 by T8493

[tomb]

1 minute ago, T8493 said:

MtGox and Bitfinex were both working on new products 

 

Both were hacked/robbed.  

[T8493]

7 minutes ago, tomb said:

Both were hacked/robbed.  

True, but companies can develop new products even when they're insolvent or very close to. If creditors or shareholders are ok with that....

 

 

Edited August 21, 2016 by T8493

[Phintech]

Keep your xrp in a ripple wallet on GH and your fine.

[kanaas]

Always watch out - but some never do [emoji79] http://www.csoonline.com/article/3108500/security/10-year-old-teaches-hackers-a-valuable-lesson-in-privacy.html?token=%23tk.CSONLE_nlt_cso_after_dark_2016-08-17&idg_eid=a5b5cae6c0f3fff80b14524e0f9fd8eb&utm_term=cso_after_dark&utm_content=buffer3a3d1&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer#tk.CSO_nlt_cso_after_dark_2016-08-17

[tommytrain]

I heard in regards to a different matter, that Small companies are sometimes allowed to postpone annual accounts reporting, like when they expect to take a loss, which is likely when you are growing.


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[T8493]

5 minutes ago, tommytrain said:

I heard in regards to a different matter, that Small companies are sometimes allowed to postpone annual accounts reporting, like when they expect to take a loss, which is likely when you are growing.

Not in the UK:

Quote

Companies House may extend your accounts deadline if both:

• an event you couldn’t control stops you from sending your accounts
• you apply for more time before the filing deadline

Email or write to Companies House, explaining what’s happened and how much more time you’ll need to file your accounts.

 

 

"Not having enough money" is certainly not a reason for extending the deadline:

Quote

You must prove the circumstances were both out of your control and made it impossible for you to meet the deadline, eg a fire destroyed your records a few days before your accounts were due.

You can’t appeal by claiming:

• your company is dormant
• you can’t afford to pay
• it was your accountant’s (or anybody else’s) fault
• you didn’t know when or how to file your accounts
• your accounts were delayed or lost in the post
• the directors live or were travelling overseas

 

•